Convr Scores Help Assess Submissions, Dramatically Reducing Review Times

Commercial Property and Casualty (P&C) Insurance underwriting team members often wonder if a submission is worth their time. Underwriting teams are frequently flooded with submissions, and not every one is worth a time-consuming deep review.

But underwriting team members can use a mix of data, tools, and judgment to quickly decide if a submission is worth pursuing thanks to Convr Scores. Now with Scores, they can know instantly! Scores provide accurate, forward-looking measures of risk.

Our AI-driven scoring models predict future risk by looking at thousands of sources in our data lake including: websites, inspections, violations, events, permits, licenses, geographic and economic information. Convr Scores enhance underwriting confidence and efficiency.  

How we do it?
At Convr, we offer different scores to measure different things. They all deliver a similar benefit in that they provide a score to crystalize where a risk falls on the distribution of similar risks. Helping brokers and underwriters evaluate where a business is on the quality of risk spectrum can mean the difference between the decision to write or a declination. It can also translate directly to pricing adequacy or not.

What are the three Convr Scores? 

• Submission Prioritization Score – Users can identify and focus on profitable risks 

• Commercial Auto Score – Users can evaluate auto risks with granular data to predict future losses in the coming 12 months  

• Workplace Safety Score – Users can assess workplace hazards and predict future losses in the coming 12 months 

Why choose Scores?
By leveraging Convr Scores, Commercial P&C Insurance underwriting teams can prioritize submissions, predict losses, and improve underwriting margins — leading to faster, more profitable growth.

Submission Selection and Prioritization: Scores provide Commercial P&C Insurance underwriting teams with an additional methodology for prioritizing incoming submissions in line with underwriting rules 

Quantify Risks and Identify Opportunities: With Scores and relativity all within one-purpose-built-module, underwriting team members can better quantify and understand risks 

Risk Relativity: Users can quantify the risk quality of individual businesses relative to a benchmark 

Improved Decision-making: Using Scores to make underwriting decisions inserts added rigor and speed to an underwriting team’s decision-making methodology with a fully transparent framework 

You do not need to waste time on submissions that do not align with your risk appetite any longer. Schedule a demo today to see how Convr Scores can transform your underwriting process.